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ACTIVISION BLIZZARD, INC.

(ATVI)
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Activision raises sales forecast on lockdown demand, new COD release hopes

10/29/2020 | 05:53pm EDT

Oct 29 (Reuters) - Activision Blizzard Inc raised its annual adjusted sales forecast on Thursday, betting on strong sales for its upcoming videogame in the blockbuster "Call of Duty" franchise as demand from stay-at-home gamers continues to rise.

The company raised its full-year adjusted revenue forecast to $8.10 billion from $7.63 billion. Analysts had expected adjusted sales of $7.94 billion, according to IBES data from Refinitiv.

Shares of the company, which fell 8% immediately after the results as some analysts viewed the improved forecast as conservative, pared most of the losses and were down marginally after the bell.

"Activision has been typically conservative going into the next quarter. Many stocks are seeing automatic 'sell the news' on earnings reports good or bad ahead of elections. Activision caught in that too," Elazar Advisors analyst Chaim Siegel said.

Big-budget videogame makers are preparing to tap the demand surge from stay-at-home players as next-generation consoles enter the market this holiday season. Activision is releasing "Call of Duty: Black Ops Cold War" on Nov. 13, closely following the launch of Sony Corp's PlayStation 5 and Microsoft's Xbox Series X.

Demand from players continues to boost videogame sales, as a surge in COVID-19 cases in several parts of the country has forced people to remain indoors.

Data from research firm NPD showed nearly $34 billion in videogame sales between January and September this year, up 21% compared to the same period a year earlier.

The company also topped third-quarter adjusted sales estimates on strong sales of "Call of Duty: Modern Warfare" and forecast holiday-quarter adjusted revenue of $2.73 billion, above Wall Street estimates of $2.63 billion. (Reporting by Ayanti Bera in Bengaluru; Editing by Vinay Dwivedi)


© Reuters 2020
Stocks mentioned in the article
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ACTIVISION BLIZZARD, INC. -1.99% 94.06 Delayed Quote.3.36%
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Financials (USD)
Sales 2021 8 762 M - -
Net income 2021 2 400 M - -
Net cash 2021 7 658 M - -
P/E ratio 2021 31,5x
Yield 2021 0,47%
Capitalization 74 570 M 74 570 M -
EV / Sales 2021 7,64x
EV / Sales 2022 6,48x
Nbr of Employees 9 500
Free-Float 63,9%
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Technical analysis trends ACTIVISION BLIZZARD, INC.
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 114,75 $
Last Close Price 95,97 $
Spread / Highest target 31,3%
Spread / Average Target 19,6%
Spread / Lowest Target -11,4%
EPS Revisions
Managers and Directors
NameTitle
Robert A. Kotick Chief Executive Officer & Director
Daniel I. Alegre President & Chief Operating Officer
Armin Zerza Chief Financial Officer
Brian G. Kelly Chairman
Frances Fragos Townsend Secretary, Chief Compliance Officer & Executive VP
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